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It's Only Fair To Tax The Wealthy, Obama Says: "They Are Society's Lottery Winners"

Tyler Durden's picture




 

In yet another attempt to stoke the wealth divide that he, and the Federal Reserve have created and pushed to French revolution levels, yesterday Barack Obama had some more comments about the uber wealthy, the same uber wealthy who are shoveling hundreds of millions of dollars in "speaking fees" and other contributions into the charity of that other Democratic middle-class champion, Hillary Clinton.

(And speaking of France, maybe Obama should speak to that other socialist Hollande about how France's 75% tax on millionaires worked out).

In this particular case he was envisioning America's hedge fund managers as an example of all that is uber-wealthy, the people who indirectly through personal and corporate lobby money are in control of Congress, and was hinting at yet another attempt to raise their taxes. As Bloomberg reports, Obama whose crowning achievements are one by one being taken away from him, with Obamacare in peril and the TPP crushed by his own Democrats in the Senate, has had a longstanding proposal to raise taxes on what is known as carried interest. It has gained little traction in Congress and certainly hasn't been approved by Obama's own tax advisor Warren Buffett, who is all for raising income tax but is oddly mum on the topic of financial asset taxation.

Still, Obama has not given up and once again invokes the infamous fairness doctrine, saying that "fairness demands that the nation’s wealthiest pitch in as more and more Americans are falling behind."

Why does "fairness demand" anything? Because according to Obama America's wealthy are nothing more than society's lottery winners. From the Daily Caller:

The top 25 hedge fund managers made more than all of the kindergarten teachers in the country. So, when I say that, I’m not saying that because I dislike hedge fund managers, or I think they are evil, I’m saying that you’re paying a lower [tax] rate than a lot of folks who are making $300,000 a year. You pretty much have more than you’ll ever be able to use in your family will ever be able to use.

 

There’s a fairness issue involved here. And by the way, if we were able to close that loophole, I could now invest in early childhood education to make a difference. That’s where the rubber hits the road. That’s … where the question of compassion and ‘I’m my brother’s keeper’ comes into play. And if we can’t ask from society’s lottery winners to just make that modest investment, then really this conversation is for show.

 

Of course, "society's lottery winners" simply because they have all the money and influence, will never agree to voluntarily part with their wealth by handing over more of it to Uncle Sam. Instead they will bribe Congress with a fraction of what taxes they would pay to crush any incipient tax reform.

After all they "won the lottery" precisely because they knew how to best game the system.

Instead what they will stronly "suggest", is for the Fed to go ahead and fund America's money needs by way of continuing to monetize its deficit: it may even require a rate hike first just to make sure the economy resumes its depressionary ways, just so there is cover for QE4, QE5 and so on.

And yes, for those who wonder, it was this "deficit monetization" process that since it was first launched in 2008, has made them richer than anything conceived in their wildest dreams.

They also won the lottery because they were smarter. Supposedly. Because as the cartoon below shows, that particular question is certainly up for debate in recent years...

 

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Wed, 05/13/2015 - 16:34 | 6090714 kchrisc
kchrisc's picture

Here.

Liberty is a demand. Tyranny is submission.

Wed, 05/13/2015 - 15:40 | 6090431 Emergency Ward
Emergency Ward's picture

-- "We need to tax the ultra-wealthy banksters that financed my campaigns so I can funnel it back to them ten-thousand-fold through government crony deals.  That's what you call redistribution under my watch."

Wed, 05/13/2015 - 15:37 | 6090436 AmarUtu
AmarUtu's picture

If Obama was really in the "CLUB" then he would know its pointless spending on education when the gameplan is being executed to perfection.

You see the US is being flooded with pure cheap heroin, much like the opium wars, however this is a specific targeted campaign at a particular socio econmic class.

Over the centuries the biggest problem when you want to kill millions of people has always been to cause them to burn, rape,murder and destroy each other while remaining hidden and innocent.

So we create a class that owns nothing, has nothing, no education or future prospects in the false system, enslave the rest and lend them ownership/debt and pointless trinkets, we can then divide them through the false system they have become accustomed too, but its just an illusion of wealth and success, nothing is real, you get the class that has no hope addicted then take it away, you then get a race war, then a civil war, then a world war after your enemy has almost destroyed itself.. Fucking black dragons man...

Wed, 05/13/2015 - 15:43 | 6090466 Vin
Vin's picture

A lottery???  Is that what this all is, a lottery?  I thought that by going to nite school and working my way up from the bottom was indicative of personal initiative, but what the hell do I know.

Wed, 05/13/2015 - 15:43 | 6090467 Weaponized Innocense
Weaponized Innocense's picture

Well what the fuck... Destroyed the poor, the middle class and why not kill all those who might escape the coming disaster who doesn't lick the beltway's dick enough to pass laws against their competition who ain't inside the dick lick beltway!
Fascist barbarian dictators who can't feast in enough blood with their endless appetitive of jealousy and greed for the shittiest of reasons as another reason to blame ur victims ur enemies who obviously don't vote enough against u thus they have to be kept in ur nazi ghettos for ur criminal economy if they ain't good enough to die in wars as anything is better than the competition.

Wed, 05/13/2015 - 15:46 | 6090490 Weaponized Innocense
Weaponized Innocense's picture

Obama the American hating president who couldn't wait to be dick government asshole!

I would stop for punctuation but I fear page reloads wiping out my stuff.

Wed, 05/13/2015 - 15:45 | 6090479 homebody
homebody's picture

So, take all the money from the rich and divide it up - here's your 10 bucks each - now who do we pick on.

Wed, 05/13/2015 - 15:45 | 6090482 statelessman
statelessman's picture

Such a joke, $300 thousand a year and a billion a year have nothing to do with each other, exect some billionaires want to stop compitition from reaching their level of wealth.

Wed, 05/13/2015 - 15:48 | 6090497 kw2012
kw2012's picture

He raised taxes and now we are going back in to a recession to the disbelief of liberals.

And new funds should be used to balance the budget. not spend until everything crashes and we are ALL EQUALLY POOR

Wed, 05/13/2015 - 15:50 | 6090515 Fahque Imuhnutjahb
Fahque Imuhnutjahb's picture

Who does this prick think he is!  If I want to wrangle some govt. contracts to sell toilet seats for $733.39 each; then re-incorporate in the Caymans via a PO box, and offshore all revenues, thus showing no income, so as to garner tax subsidies from the dumbass middle class tax donkeys, then that is my prerogative---damn it!!   This is such a great country!  suck it obama

Wed, 05/13/2015 - 15:50 | 6090516 GoldSilverBitcoinBug
GoldSilverBitcoinBug's picture

When the rich become poor, the poor starve.

Chinese proverb (Confucius).

Wealth redistribution never worked, never.

Wed, 05/13/2015 - 16:08 | 6090627 Comte d'herblay
Comte d'herblay's picture

Really?  What do you call the wealth redistribution that moves a trillion dollars from taxpayers in the middle classes,  into the mattresses of the Jews of Wall Street, given to them by the Jews at the FED, and Treasury??

It works.  It just works in the wrong direction and oddly enough, benefits mostly one ethnic group.

Long past time for the Cons in Congress to stop their representation of 1%, AIPAC, and pass some serious wealth taxes, particklerly in the Financial segment of the economy which includes Lord Blankfein, Jimmy Cayne, Ace Greenberg, Tim Geithner, Dick Fuld, Gary Gensler, and the rest of those gypsies on Wall Street.  

It's one thing to make it on your own and be bitching about higher taxes, deservedly so, it's a whole other thing to lose everything and have it given right back to you, Plus more bonuses, to be prevented from bankruptcy, after making horrifically bad bets on Mortgage backed securities. 

Every single dime needs to be taken back with lots of interest b 4 any more taxes are laden on the middle.

Wed, 05/13/2015 - 17:21 | 6090916 GoldSilverBitcoinBug
GoldSilverBitcoinBug's picture

One think is sure tax is theft be it the guys with 1000$ month or one billion per year.

The wealth redistribution that you speak about is from the goverment and QE, a thing that statist retards like you can't understand...

Wed, 05/13/2015 - 15:50 | 6090519 ZeroPoint
ZeroPoint's picture

He couldn't have said it better. The conversation is just for show.

 

 

Wed, 05/13/2015 - 16:05 | 6090608 fightapathy
fightapathy's picture

He'll be yukking it up with Buffet and Munger next time he pays them homage -- I mean, a visit.

 

Wed, 05/13/2015 - 15:51 | 6090522 Mike Honcho
Mike Honcho's picture

Intelligence evades him.  Prez gets over $400k, pays no bills and has ROI, so call it $800k.  So he is bringing up people making $300k which is LESS.  And they need to pay more.  Does this get any dummer?  You and Uncle B just write a check since you are torn up about keeping too much money.

There are people in this and other societies that buy this garbage, unreal.

Wed, 05/13/2015 - 16:08 | 6090622 bluskyes
bluskyes's picture

+ Platinum pension, and perks for life

Wed, 05/13/2015 - 15:51 | 6090528 DIgnified
DIgnified's picture

Fair is for autists, faggots and children who have to share a toy.  Life isnt fair.

Wed, 05/13/2015 - 16:08 | 6090623 LetsGetPhysical
LetsGetPhysical's picture

also, all men are NOT created equal. 

Wed, 05/13/2015 - 15:55 | 6090558 orez65
orez65's picture

"... if we were able to close that loophole, I could now invest in early childhood education to make a difference."

Did it ever cross your mind that you are deficit spending between one half and one TRILLION dollars more than the Treasury brings in!

Please get your head out of your ass hole.

Wed, 05/13/2015 - 15:57 | 6090565 Dickweed Wang
Dickweed Wang's picture

You pretty much have more than you’ll ever be able to use in your family will ever be able to use.

This is a good point that I think gets overlooked in this discussion way too often. Just how much money does one guy, or family, need to be "rich"?  If you have a net worth of $2 billion and bring home $100 million a year I am not going to cry for you if .gov puts you in a 50% tax bracket and makes you pay it.  For crying out loud, even $50 million a year after taxes is a LOT of money and it would take some effort to blow all of that in a year's time without going out and buying big ticket items like a jet plane, a Rembrandt painting or something along those lines . . . . .

Wed, 05/13/2015 - 16:04 | 6090603 fightapathy
fightapathy's picture

Greed means too much is never enough.

Wed, 05/13/2015 - 16:04 | 6090604 Never_Put_Down
Never_Put_Down's picture

Why is anyone worth $100 million a year in the first place? That $100 million either (a) results in some other group over-spending that much, or (b) they get to handle that freshly-printed US Dollars before anyone else does

Wed, 05/13/2015 - 16:03 | 6090571 Atomizer
Atomizer's picture

Dear Obama, 

Let's start by taxing you and Michelle on all the million dollar vacations. That should exceed the 400k salary as acting president. 

Wed, 05/13/2015 - 16:05 | 6090606 baldski
baldski's picture

Remember Willy Sutton, bank robber, when asked "Why do you rob banks?" answered "That's where the money is." Tax the rich for the same reason.

Wed, 05/13/2015 - 16:05 | 6090607 Dr.Engineer
Dr.Engineer's picture

Dear Obama, I think it's only fair that you fess up to how you've messed up the country.

Wed, 05/13/2015 - 16:06 | 6090609 Atomizer
Atomizer's picture

After the Clinton scam is opened, Obama will be living with his bother in a Kenyan hut. Mark my words. 

Wed, 05/13/2015 - 16:33 | 6090709 tictawk
tictawk's picture

that's why the Clinton scam will not be investigated. 

Wed, 05/13/2015 - 16:06 | 6090610 LetsGetPhysical
LetsGetPhysical's picture

Define "Rich"...????? 

Is it anything over $200K? 250? 

Cause I'm gonna tell you right now depending on your area, $250k ain't shit. A fucking 1 bedroom shack is $800k+ in the Bay Area.  Also, if bust my ass for 20 years creating a small business.... I got lucky?   Fuck this limousine liberal POS.

Wed, 05/13/2015 - 16:06 | 6090612 bluskyes
bluskyes's picture

How did income tax did Barak pay last year?

Wed, 05/13/2015 - 16:08 | 6090626 p00k1e
p00k1e's picture

The current system works great. 

GM executives get paid millions.  GM executives BK the company.   The government bails out GM.  The former executives keep their loot.  A new GM executive is put into place and is paid millions.

Wed, 05/13/2015 - 16:10 | 6090633 loveyajimbo
loveyajimbo's picture

Obongo, being a lowlife tool... just does not have the experience to have a clue... smoking doobies and large white kielbasas does not qualify.  Want to take from the uber wealthy?  How about a 70% inheritance tax on estates over $250 million?  ZERO for any less.  Or would that upset the criminal swine that pull your strings and play the grinder's organ so you can dance?

Wed, 05/13/2015 - 16:41 | 6090662 TrustbutVerify
TrustbutVerify's picture

This is what happens after 5 or so decades of government drunken sailor spending and entitlement promises that far exceed the actual spending.  (Add to this the personal debt the stupid American public has run up, and grossly excessive pension promises, worthless unmarketable degrees obtained with school loans, etc., etc., etc.)

There were stories a few years ago discussing, at the present astounding rate of spending, how little asset confiscation would do to fix the problem. The stories went like..."If you confiscated all assets of billionaires' money," and "confiscate all millionaires' money," the amount of time the total would fund the budget was alarmingly small - like only a few weeks. Its was a joke.  

Also, there were articles breaking down CEO pay and the amount extra each company employee would make if that CEO's pay was reduced by a sizable percentage. It was pennies per hour.

And where do you think the government wants the bulk of income to be? In the non-taxed lower half, where so many have their life initiative and votes bought off by various welfare programs? Dream on.

Taxation, by definition, can only yield a finite amount of money.  On the other hand, spending, as long as borrowing and the printing of money is allowed, and promises of future spending, can be an infinite number.  And spending and unfunded and unfundable entitlement promises have been out of control for 50 years!  

Obama knows this. His mindless constituents can't do the math. He knows this, too.  Realizing this it is obvious Obama's intention is economic and social chaos - leading to strife that 'only the government can solve.'  Otherwise, Obama's rhetoric and policies would deal with reducing spending and debt and pushing for increases of real and provable levels of education.  

 

Wed, 05/13/2015 - 16:43 | 6090747 Crocodile
Crocodile's picture

This country has more than enough resources for everyone.  The pension issue is the regulations that allowed a continual underfunding since inception.  Moneychangers, Lawyers, Politicians and Religious frauds are who the Lord identified as the damnable's in that society....nothing has changed because as it is also written "there is nothing new under the sun, all is vanity like grasping at the wind."

Wed, 05/13/2015 - 17:35 | 6090954 TrustbutVerify
TrustbutVerify's picture

Resources are one thing.  Debt, at every level, and astounding unfunded (and unfundable) entitlement promises that are multiples of that debt, that dwarfs resources is another.  

Considerable unrest and pain is periodically felt when the economy shrinks by 1 or 2 percent.  When understood my above statement about real numbers - though woefully incomplete - suggests a much harsher reality to come.  

And I am sure the Lord would condemn, as damnbale, the mindless population (individuals) that accepts, with glee, the alleged false promises of what you consider to be the 'damnable's.'  It always seems its someone elses fault.  

I am reminded of a quote from the movie "Silence of the Lambs."  It is "You don't know what pain is!"  I fear this is the case for us here in the US and many areas of the world.  

Wed, 05/13/2015 - 16:20 | 6090667 yellowsub
yellowsub's picture

I thougth all the billionaires paying extras taxes funded the gov't 2 years ago...

Wed, 05/13/2015 - 16:21 | 6090672 Bemused Observer
Bemused Observer's picture

I hope the wealthy didn't think they got away scot-free...

Whatever your position on increasing their taxes, you HAD to know this was coming. So did they.

The poor don't have it, the middle classes have been squeezed dry. But the Ponzi requires ever more to maintain.

So where did anyone think it would come from?

The only way to tread those waters is to have constant economic growth, you can collect taxes from the masses only when the masses have jobs to tax. Absent that, millionaires and up are going to fork it over, at gunpoint if needed. Big government and the military are going to make sure of it. When THEY start really hurting for money, they'll go straight to where it IS. So look at where it's been going for the past few decades, and you'll see the next target. Don't think for a minute that those friendly business laws are carved in stone...the rules can change overnight.

Someone has got to pay for all those big bombs and such, and they aren't cheap. For years the strong middle classes have been able to pump it in. But now they are depleted, so it's the 1%'s turn. The REAL powers, those .001%ers, will just refasten their sucking mouth parts onto THEIR wealth and resume feeding. AND, keep in mind we are pretty much gutting the structure required to HAVE economic growth in the future, so don't expect the middle classes to be able to take back the baton any time soon.

Wed, 05/13/2015 - 16:47 | 6090765 lasvegaspersona
lasvegaspersona's picture

Wrong....this is just Obama playing to the envy of his base....the citizens are hardly needed when you have the Fed. They could squeeze all the wealth from the people and would still demand more. 

this ends when the dollar ends.

Wed, 05/13/2015 - 17:28 | 6090941 Bemused Observer
Bemused Observer's picture

The dollar as we know it is not long for this world. I think they've known this for a long time, and we have been "softened up" for currency changes over the years...look at all the different 'versions' of coins, bills...and new ones all the time, new colors, new arrangements, features...
They'll come up with one soon that will be a revaluation of the dollar altogether.

Wed, 05/13/2015 - 18:44 | 6091155 Anunnaki
Anunnaki's picture

He's "hoping" he can get the Dumbocrats to "change" their vote on TPP

Wed, 05/13/2015 - 17:00 | 6090725 Crocodile
Crocodile's picture

Obama is a total embarrassment to all nations.  Someone should ask him the difference between the "Income Wealthy" and "Asset Wealthy"...record it...then play it for all the world to see...what a Kenyan is really like.

Dis I say he is a total embarrassment?

Wed, 05/13/2015 - 16:44 | 6090752 lasvegaspersona
lasvegaspersona's picture

Joe the Plumber sussed out the BigO as a commie in 2007...no surprises here..

Wed, 05/13/2015 - 16:48 | 6090772 Itchy and Scratchy
Itchy and Scratchy's picture

Change You Can Believe In!

Wed, 05/13/2015 - 17:08 | 6090857 Crocodile
Crocodile's picture

How many times did you vote for him; at least once?! Don't ask me the same; I saw through him right away like looking through crystal clear glass.

Wed, 05/13/2015 - 17:23 | 6090870 Itchy and Scratchy
Itchy and Scratchy's picture

Only twice but I'm not sure I'll do it for a 3rd time!

It's My Time Hillary in '16!  Woohoo!

Wed, 05/13/2015 - 16:49 | 6090773 TweedleDeeDooDah
TweedleDeeDooDah's picture

Thinking back to post-war years...
America made stuff, had a flourishing, growing middle class, the 50s and 60s were a "golden age" for the US, society was pretty solid, the nation gave a shit about how it looked to everyne else...

And the highest IRS tax bracket was around 90%.

But everyone was HAPPY.

Wed, 05/13/2015 - 17:06 | 6090845 Crocodile
Crocodile's picture

Then we turned our backs on the fixed moral law giver and worshiped the creations instead of the Creator and now He has allowed us to go our own way.  Just look at the direct correlation.  BTW-He warned us what would happen many many times, but people decided they know better than the one who knows everything perfectly...now that is the definition of both stupid and immoral.

Wed, 05/13/2015 - 16:49 | 6090779 Gohigher
Gohigher's picture

From whence cometh the Red Hen to slay all these black dragons and restore worldwide faith and happiness ? OR ARE WE JUST .......

https://www.youtube.com/watch?v=dlbR8H2hJZM

 

Wed, 05/13/2015 - 16:53 | 6090793 HopefulCynical
HopefulCynical's picture

I'm all for allowing an exemption, of say $300,000 per year of capital gains income, to keep the CapGains tax rate. After that, it should get taxed as ordinary income.

Obunghole will tax every penny of capGains if he gets his way - and thw wall Street parasites will still have some way, provided to them by their bought-off congressscritters, to dodge the tax.

The only point to ANYTHING this asshole does is to destroy the middle classes, particularly the upper-middle class. They're the biggest threat to the parasitic, psychopathic oligarchy, y'see.

Wed, 05/13/2015 - 17:03 | 6090840 Crocodile
Crocodile's picture

There should be ZERO capital gains tax for the first $100K, then another tier for the next $100k up to $300k, then after that it should be whatever Congress decides to steal.  What is the difference; the government is broke and broken and so are "we the sheeple".  We are past the point of no return, for we are a nation of very immoral people; yet we have not received what we deserve with very few exceptions on both ends.

Thu, 05/14/2015 - 18:17 | 6094951 rex-lacrymarum
rex-lacrymarum's picture

There should be no taxes whatsoever. If  people think they need a government, they should fund it by voluntary donations. 

Wed, 05/13/2015 - 16:56 | 6090806 Itchy and Scratchy
Itchy and Scratchy's picture

Amerikans voted for the biggest dope ever ... twice!????? What a Superpower!

Wed, 05/13/2015 - 16:56 | 6090807 smacker
smacker's picture

Obola fails to see the difference between people who are wealthy thru hard work, using their initiative and taking risks, and those who are wealthy because they've stolen other peoples' money thru crooked scams.

The former are to be admired and emulated. The latter are banksters and deserve a length of rope around their necks.

Wed, 05/13/2015 - 17:25 | 6090928 EscondidoSurfer
EscondidoSurfer's picture

duplicate post

Wed, 05/13/2015 - 17:24 | 6090929 EscondidoSurfer
EscondidoSurfer's picture

Pay attention.  They are all lottery winners. He is used to being around overpaid guberment workers of which he is one himself.  Not only are they overpaid, but they have COLA supercharged pensions so there is no need to save.

Wed, 05/13/2015 - 17:00 | 6090816 Kirk2NCC1701
Kirk2NCC1701's picture

In Nature, things get recycled and forces like Gravity keep the planet together.  You can jump as high as you physically are able, but it will be limited by your body's ability.  Yo do not get to play Superman, Hollywood and NY comic-book fantasies aside.  As such, I'd tax as follows...

You are taxed on the LOG of your Income. You'll need a spreadsheet (Excel) to illustrate...

Y-axis = Fed+State Taxes = Log10(Income).

X-axis = Tax Rate.  Decide on Min. Rate for Lowest Income Level, and the Max Rate for $1M Income.  E.g., let's say that the Rate is 5% for $10k Income, and 39% for $1M Income.  You then get a straight-line plot on a semi-log plot from all other values, which are calculated.  Here are some examples...

Income ($)    Log (I)        Rate (%)     Taxes ($)       Net Income

1,000               3                       0 %                        $0           $1,000

5,080             3.71                     0 %                       $0            $5,080

10,000           4.0                     5%                     $500           $9,500

20,000           4.3                      10%                  $2,000         $18,000

70,000           4.85                    19.4%               $13,557         $56,443

100,000         5.0                      22%                 $22,000        $78,000

250,000         5.4                      28.8%              $71,912       $178,088

1,000,000      6.0                    39%             $390,000      $610,000

3,000,000      6.48                    47.1%        $1,413,332    $1,586,668

10,000,000    7.0                      56%          $5,6000,000   $4,400,000

30,000,000    7.48                    64.1%       $19,233,318   $10,766,682

100,000,000   8.0                     73%         $73,000,000   $27,000,000

1,000,000,000  9.0                   90%        $900,000,000  $100,000,000

For purposes of my Simulation, I played with the Rate for the $1M income, to see where it would reach the psychological 90%.  It turns out to be at $1 Billion, i.e. for the IPO Wall St Lottery Winners.  It seemed to resonate with me.  Moving along...

Since "You can't take it with you", and rich guys give to charity (for vanity and tax dodge) or they claim to, and they complain about how their Tax Money money is spent or wasted, then I'd add this little libertarian Tax-Twist to the Tax Scheme:

High Income Earners (>$250,000) get to a say in where the additional Taxes go to.  The 5 Contribution Buckets I'd offer is:  Federal, State, City or County, Secular Charity, Religious Charity as "Charity-Equivalent Contributions" All taxes above the 28% level would be allocated to these 5 Buckets, per the Taxpayer-determined Allocation (how much into each Bucket).

I'd structure it so that there are Min and Max % contributions in place for each Bucket (e.g. Min=5, Max=20%), to ensure that some rain falls on all, but allow for more local and regional Tax Wealth raining down, as the Tax Payer sees fit -- rather than as the State or DC see fit. 

Thus, for example, a rich person could decide to make large contributions to their own State, City or County, rather than having all go to DC, and help maintain Infrastructure and living standards in their own region and communities.  Talk about turbo-charging the Economy!

This would/should motivate the State and Federal governments to actually compete for the Surtax contribution to them, rather than to see it go to another group, thus helping to keep everyone (more) honest -- is the intent.

p.s. The Downside is that it would simplify the Tax Code, and force many/most Taxation employees to do what the Private Sector is always told to do:  RE-TRAIN.

Wed, 05/13/2015 - 17:01 | 6090830 Itchy and Scratchy
Itchy and Scratchy's picture

U got far too much time on your hands!

Wed, 05/13/2015 - 17:17 | 6090882 Dre4dwolf
Dre4dwolf's picture

The flaw in your math is.

If I made a billion dollars profit.

I would devote 500,000,000 to getting me the fuck out of the country with the other 500,000,000 untouched.

Anyone would.

At that level of income (at current purchasing power) there is no incentive to obey the law or stay here.

Any tax rate above 15% on any level of income is insane and people pushing for such things should be locked up in a nut house.

 

When laws are not equitable, only idiots follow them.

Wed, 05/13/2015 - 18:43 | 6091128 Kirk2NCC1701
Kirk2NCC1701's picture

"I shall spend half my life amassing a great fortune, and half my life giving it all away" -Andrew Carnegie

Technically, the "flaw" is not in the "math", but perhaps in the psychology of the Uber-rich.  The question/issue you have not addressed, is "What do you do with all those Billions, as opposed to having tens or hundreds of millions?".  Like I said, "You can't take it with you" and Bill Gates or Mark Zuckerberg's lifestyles would not be different in substance, if they had 7 billion instead ot 71 (Gates) and 3 billion instead of 27 billion (Zuckerberg).  You have also not addressed that they would have the Libertarian freedom is directing large fortunes to their State, City or County (rather than to DC) and to Charities of their choosing.  Their fame & glory would be publicly recongized in their Contribution.

If the intention of a billionaire is to reshape the world according to their vision, they can do so as Inspirational Leaders, not as Tyrannical Leaders who buy politicians and laws.  Their vision or "brainpower" is not so god-like that the country would suffer w/o them.  As I said earlier today...

I am quite certain that most millionaires who are self-made, actually earned it -- for the most part. Kudos to them.  Even though they had a lot of help from others, w/o whom their enterprise and resulting wealth would not have been possible.

But I'm equally certain that any so-called "self-made billionaire" in NOT self-made. Not in the classical sense of having worked 1000x faster, longer or smarter. No, the modern Billionaires got their wealth via WALL ST, and its IPOs. And you hopefully know how that Casino works.

A wise man knows the difference between a millionaire and a billionaire.

 

Wed, 05/13/2015 - 17:19 | 6090901 TrustbutVerify
TrustbutVerify's picture

No mention of the other side of the coin...spending, and how wasteful and culturally damaging government spending often is.  Consider the vast amount of the population addicted to the government monetary heroin.  

Your 'Log" tax system is clever but is simply a formula pulled out of this air.    

Wed, 05/13/2015 - 17:26 | 6090939 GoldSilverBitcoinBug
GoldSilverBitcoinBug's picture

90% marginal rate !? Even North Korea would be more free !

Wed, 05/13/2015 - 17:09 | 6090848 Dre4dwolf
Dre4dwolf's picture

Reasons why Obama is full of shit on this topic.

 

1) You don't need to tax anyone a single penny more in order for the government to invest in "early childhood education", Obama can simply cut the funding of the military by a few million delay the release of the next super duper stealth fighter jet that doesn't even fly by a few years and boom wam, there is your money for so-called "early childhood education".

 

2) I don't understand what he means by "fairness", If someone makes 300,000~500,000$ a year they should pay ZERO in taxes first off, 500K is chump change. . . it pretty much equates to making 60,000$ a year 15 years ago.

If you want to go after people, go after those EVIL HEDGE FUND MANAGERS, and THOSE BANKERS, because those people ARE EVIL AND CORRUPT AND CRIMMINAL.

The govt gives slap on the wrist fines all the time to these people, so if the govt is soooooo eager for $$$$$ from the rich, why does it continuesly push programs to BAIL OUT THE RICH and to give loopholes to these mega corporations in the first place???? Me thinks what Obama is after is. . . he wants to raise taxes on middle class Americans under the lie that he is doing it to target fat-cats....

Because from my experience Obama has made my life more expensive.

While the lives of bankers and corproate scum who do nothing but prey on hard working Americans like cowardly rats have not only been getting easier, the govt and central bank actively goes out of their way to accomidate them and "erase" their mistakes through bailout programs and bottomless pits of tarp funds and counterfeit $$$$$.

 

3) As for the rich being "lottery winners" pffft. . . more like GOVT and CENTRAL BANKS picked the winners to those lotteries, rigged markets full of inside traders . . . are . . . rigged . . . obama knows this and he profits off it personally im sure, just like those before him.... just all those who hold medium to high level positions in govt . . . where they can exchange special favors (passing corrupt laws and policies) in exchange for a cut of the profits.

 

4) If I was president, and I really wanted to do some good, I would put my pen to paper and write some executive orders to help the average American, not the corporate banker hedge fund scum.

Obama is full of shit, he hasn't done one thing to help Avg. Joes and to the contrary he has pushed more people off the cliff than anything.... the only people sitting on the cliff right now are the ones that actively pushed people off, and those that climbed the ladder of corpses to get back up... thats the world govt has created.

Govt has completely failed its duty to its people, and the primary duty it has failed is, upholding the law and applying it equally to all, govt has bread a culture where certain people and corporations have grown above the law, while the same laws these "fat cats" violate and piss on is used as a prejudice tool against average Americans.

 

Its disgusting.

 

And in anycase, back to "early childhood education programs" , sounds a bit fishy, didn't hitler try that? http://www.addictinginfo.org/wp-content/uploads/2015/01/5_07_1.jpg

Don't think I want Obama, Govt, and Education, to ever be used on the same page, never-mind sentence for fear of what it would turn into... we already have TSA child molesters as airport security thanks to this prezo, I think ill pass on any more "gifts" from Obumo Govt.

 

Wed, 05/13/2015 - 17:13 | 6090875 TrustbutVerify
TrustbutVerify's picture

There is an element of 'lottery' to success.  But 95% of it is education, critical thinking, creative thinking, acceptable social skills, overall hard work.  

"The harder I work the luckier I get."  

Obama and his minions completely miss this...or they know it but prefer to tear down rather than build. Doing so is much easier.  Obama is no new progressive.  His politics is age old.   

Wed, 05/13/2015 - 19:51 | 6091359 Condition 1SQ
Condition 1SQ's picture

And that's just the way he looks at the world.  Those who have accumulated wealth are simply those who "lucked out", so naturally he thinks the wealth should be spread around.  Big surprise that a glorified social worker would see the world like that.

That being said, there are certainly a lot of high net worth individuals who got there more through cronyism and less through innovation, and in those cases I say tax them into oblivion.

Wed, 05/13/2015 - 17:17 | 6090889 large_wooden_badger
large_wooden_badger's picture

What did the article say? I only come here for the comments.

Wed, 05/13/2015 - 17:20 | 6090907 Dre4dwolf
Dre4dwolf's picture

Obama said a bunch of bullshit.

Pushed for higher taxes on Average Americans, while pushing the propoganda that it must be done in order to target fat cats, but not because "he hates fat-cats" but because of "fairness".

And we all know 

Fairness to a liberal = "I suck at life, so I have to bring everyone else down to my level because thats my idea of fair"

 

Thu, 05/14/2015 - 10:37 | 6092992 large_wooden_badger
large_wooden_badger's picture

I swear, being a good American citizen and paying taxes feels just like being a Verizon customer.

Wed, 05/13/2015 - 17:21 | 6090912 Itchy and Scratchy
Itchy and Scratchy's picture

Never try to sit in the corner in a round room!

Thu, 05/14/2015 - 10:38 | 6092995 large_wooden_badger
large_wooden_badger's picture

So Obama was tring to pee in the corner!

Wed, 05/13/2015 - 17:26 | 6090936 nah
nah's picture

The US needs leaders, it takes money

.

not just government

Wed, 05/13/2015 - 17:30 | 6090947 Ban KKiller
Ban KKiller's picture

Yeah, tax the hell out of hedge fund managers, M&A managers and all the rest of the job killers. Fucking scum.

Eat the rich? Why, yes! IF they don't want a revolution...

History is not kind to the rich who fail their country. Off with their heads and split up the booty. Fuck you and your hard work of being born into the right family.

Wed, 05/13/2015 - 17:55 | 6091005 maplepeg
maplepeg's picture

Wow! ZH actually ran a Tom Toles cartoon! There is hope for ZH yet! (I thought ZH was being extorted by Ramirez  in some fashion ("the only villain is Obama" day after day "presented with no comment"). More Tom Toles please - the best editorial cartoonist in the USA by far.

Wed, 05/13/2015 - 18:12 | 6091045 Itchy and Scratchy
Itchy and Scratchy's picture

The Kenyan has been channeling Moochelle again!

Wed, 05/13/2015 - 18:36 | 6091116 bankonzhongguo
bankonzhongguo's picture

This guy is genuinely and dangerously clueless.

The last year of his "administration" will be a joy as his wrecking krew bails-out for Hillary, Israel or the bunkers.

The last months will be hilarious as the hood-rats that propped up this regime begin to steal the toilet paper from the White House.

More frighteningly though will be Hillary's reign.

Obomba was just a warm-up.

 

 

Wed, 05/13/2015 - 18:38 | 6091132 frankly scarlet
frankly scarlet's picture

So the "0" is saying the rich should be taxed somewhat more...is that what I'm hearing... or is this just more of the usual yadda yadda yadda for the days work before heading for another 18 as GIChief.

Wed, 05/13/2015 - 18:50 | 6091161 RichardParker
RichardParker's picture

I wonder how many 100's of millions of dollars this asshole gifted to hedge funds via recent TARP auctions after 800 million in tax payer losses.

http://www.wsj.com/articles/hedge-funds-private-equity-win-big-at-tarp-a...

I'm sorry but this guy is such a disingenuous manboy sociopath.

Wed, 05/13/2015 - 18:50 | 6091185 pine_marten
pine_marten's picture

It's only fair to hang the utterly corrupt...........

Wed, 05/13/2015 - 19:48 | 6091352 Condition 1SQ
Condition 1SQ's picture

So BO thinks that successful business owners are "lottery winners".  What a fucking idiot - but what can you expect from a guy who has never worked in the private sector?

Wed, 05/13/2015 - 20:46 | 6091504 One Eyed Jack
One Eyed Jack's picture

Never worked.

Wed, 05/13/2015 - 20:48 | 6091507 squid
squid's picture

"What a fucking idiot - but what can you expect from a guy who has never worked in the private sector?"

 

Bro, he's never worked period.

 

Squid

Wed, 05/13/2015 - 19:56 | 6091371 BenGazisurvivor
BenGazisurvivor's picture

We'd all have been happier if we would have delivered the mail after a couple of years in the army . Sweet pension , toes in the sand , called into Dave Ramsey " I'm debt freeeeeeeee ! " now not so much ;-(

Wed, 05/13/2015 - 19:58 | 6091377 BenGazisurvivor
BenGazisurvivor's picture

The private sector is for the the suckers George Bailey !

Wed, 05/13/2015 - 20:12 | 6091415 One Eyed Jack
One Eyed Jack's picture

Dear leader why don't you put your money (the tax-payers money) where your cock holster is and give up all your ill gotten wealth you fucking facist piece of shit hypocrite

Wed, 05/13/2015 - 20:54 | 6091473 Dixie Flatline
Dixie Flatline's picture

Any human using the term "fair" after age 10 to construct their argument should be SHOT.  Post Haste.

Wed, 05/13/2015 - 20:49 | 6091511 Falling Down
Falling Down's picture

King of the straw man argument.

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